Factors such as increasing adoption of lean manufacturing practices and growing demand for cloud-based plant asset management (PAM) solutions, real-time data analysis, and failure detection software are expected to drive the growth of the PAM market. The global PAM market was valued at USD 3.91 Billion in 2015 and is expected to grow at a CAGR of 10.7% between 2016 and 2022. The base year considered for the study is 2015 and the forecast period is between 2016 and 2022. The objective of the report is to provide a detailed analysis of the plant asset management market based on offering, deployment mode, asset type, end-user industry, and geography. The report provides detailed information regarding the major factors influencing the growth of the PAM market. The report also gives detailed overview of the value chain of the PAM market and analyzes the market trends with Porters five forces analysis.

The research methodology used to estimate and forecast the plant asset management market begins with capturing data on key vendor revenue through secondary research such as IEEE journals, Automation World Magazine, Manufacturing Automation Magazine, and leading players newsletters. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the global plant asset management market from the revenue of key players. After arriving at the overall market size, the total market has been split into several segments and subsegments which have been verified through primary research by conducting extensive interviews with industry experts such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of the profiles of primaries is depicted in the below figure.

10 Market, By End-User Industry (Page No. - 66) 10.1 Introduction 10.2 Process Industry 10.2.1 Chemical 10.2.1.1 High Risk Associated With Fluctuations of Raw Material Prices to Encourage the Adoption of PAM Solutions in the Chemical Industry 10.2.2 Energy and Power 10.2.2.1 Increasing Adoption of Automation Assets in Power Industry is Expected to Drive the Growth of the PAM Market 10.2.3 Food and Beverages 10.2.3.1 Increasing Adoption of PAM Solutions By Food & Beverages Manufacturers to Extract the Huge Amount of Data 10.2.4 Metal and Mining 10.2.4.1 Increasing Need of Preventive Maintenance Encourages the Adoption of PAM Solutions 10.2.5 Oil and Gas 10.2.5.1 Adoption of Corrosion-Monitoring System to Drive the Growth of the PAM Market 10.2.6 Pharmaceutical and Biotech 10.2.6.1 Complex Manufacturing of Pharmaceuticals Leading to the Adoption of PAM Solutions 10.2.7 Pulp and Paper 10.2.7.1 Increasing PAM Solution Offerings By Key Players in the Industry 10.2.8 Water and Wastewater 10.2.8.1 Major Applications of PAM in Water and Wastewater Industries 10.3 Discrete Industry 10.3.1 Aerospace and Defense 10.3.1.1 High Equipment Cost Encourages Adoption of the PAM Solutions to Avoid the Risk of Asset Failure 10.3.2 Automotive 10.3.2.1 Technological Advancements in the Automotive Industry Drive the PAM Market Growth 10.3.3 Semiconductor and Electronics 10.3.3.1 High Competition in the Industry Encourages the Adoption of PAM Solutions to Enhance the Productivity 10.3.4 Medical Device 10.3.4.1 Major Application of PAM Solutions Into the Medical Device Industry-

Figure 1 PAM Market: Markets CoveredFigure 2 PAM Market: Research DesignFigure 3 PAM Market: Bottom-Up ApproachFigure 4 PAM Market: Top-Down ApproachFigure 5 Data TriangulationFigure 6 Assumptions for the Research StudyFigure 7 PAM Market SegmentationFigure 8 Services Segment Expected to Hold A Major Share of the PAM Market During the Forecast PeriodFigure 9 Offline Deployment Mode Expected to Hold the Largest Market Size During the Forecast PeriodFigure 10 Automation Asset Expected to Hold the Largest Market Size During the Forecast PeriodFigure 11 Automotive Industry Expected to Record the Highest Rate Between 2016 and 2022Figure 12 PAM Market for the Oil & Gas Industry Expected to Hold the Largest Market Size During the Forecast PeriodFigure 13 PAM Market, By Geography, 2016Figure 14 Attractive Growth Opportunities for the PAM MarketFigure 15 Market for Cloud (Online) Deployment Expected to Grow at A Higher Rate Between 2016 and 2022Figure 16 Services Segment Expected to Lead the PAM Market in 2016Figure 17 Automotive Industry Held the Largest Share in Discrete Industry of the PAM Market in 2016Figure 18 U.S. Expected to Hold the Largest Share of the PAM Market in 2016Figure 19 Market, By GeographyFigure 20 Increasing Adoption of Lean Manufacturing Practices Expected to Drive the Growth of the PAM MarketFigure 21 Value Chain Analysis: Maximum Value Added During the PAM Software Development and PAM Software Suppliers StagesFigure 22 PAM Market: Porters Five Forces Analysis, 2016Figure 23 Intensity of Competitive Rivalry and Bargaining Power of Buyers Expected to Have A High ImpactFigure 24 PAM Market: Intensity of Competitive RivalryFigure 25 PAM Market: Threat of SubstitutesFigure 26 PAM Market: Bargaining Power of BuyersFigure 27 PAM Market: Bargaining Power of SuppliersFigure 28 PAM Market: Threat of New EntrantsFigure 29 Plant Asset Management Market, By OfferingFigure 30 Services Segment Anticipated to Lead the Plant Asset Management Market Between 2016 and 2022Figure 31 Plant Asset Management Market, By Deployment ModeFigure 32 Offline Deployment Mode Expected to Hold the Largest Market Size During the Forecast PeriodFigure 33 Plant Asset Management Market, By Asset TypeFigure 34 Automation Asset Segment Expected to Grow at A Higher Rate Between 2016 and 2022Figure 35 Major Types of Production AssetsFigure 36 Major Types of Automation AssetsFigure 37 Global Plant Asset Management Market, By End-User IndustryFigure 38 Process Industry Expected to Hold A Larger Size of the Plant Asset Management Between 2016 and 2022Figure 39 Food and Beverages Industry Expected to Grow at the Highest Rate in the PAM Market Between 2016 and 2022Figure 40 APAC Expected to Grow at the Highest Rate in the Plant Asset Management for Chemical Industry Between 2016 and 2022Figure 41 APAC Expected to Grow at the Highest Rate in the PAM Market for Energy and Power Industry During the Forecast PeriodFigure 42 Americas to Hold the Largest Size of the PAM Market for Food and Beverages Industry During the Forecast PeriodFigure 43 APAC Expected to Retain Its Dominance in the PAM Market for the Metal & Mining Industry Till 2022Figure 44 RoW Estimated to Be the Largest Contributor to the Oil and Gas Industry During the Forecast PeriodFigure 45 Europe Expected to Be the Second-Largest Contributor to the PAM Market for Pharmaceutical and Biotech Industry Between 2016 and 2022Figure 46 APAC Expected to Record the Highest Growth in the PAM Market for the Pulp and Paper IndustryFigure 47 Americas Expected to Lead the PAM Market for the Water and Wastewater Industry During the Forecast PeriodFigure 48 The PAM Market for Automotive Industry Expected to Grow at the Highest Rate Between 2016 and 2022Figure 49 Americas to Dominate the PAM Market, for Aerospace and Defense Industry During the Forecast PeriodFigure 50 APAC to Lead the PAM Market for Automotive Industry During the Forecast PeriodFigure 51 The Americas to Be the Second-Largest Contributor to the PAM Market for Semiconductor and Electronics Industry During the Forecast PeriodFigure 52 PAM Market in APAC for Medical Device Industry to Grow at the Highest Rate Between 2016 and 2022Figure 53 Geographic Snapshot: Global Plant Asset Management MarketFigure 54 PAM Market in APAC Expected to Grow at the Highest Rate Between 2016 and 2022Figure 55 Snapshot of the PAM Market in North AmericaFigure 56 U.S. to Lead the North American PAM Market Between 2016 and 2022Figure 57 Brazil to Lead the South American PAM Market Between 2016 and 2022Figure 58 Germany Anticipated to Witness the Highest Growth Between 2016 and 2022Figure 59 France to Lead the European PAM Market Between 2016 and 2022Figure 60 Snapshot of the PAM Market in APACFigure 61 China to Lead the APAC PAM Market Between 2016 and 2022Figure 62 PAM Market in the Middle East Expected to Grow at the Highest Rate Between 2016 and 2022Figure 63 Companies Adopted New Product Launches and Developments as the Key Growth Strategy Between 2014 and 2016Figure 64 Market Evolution Framework: New Product Developments Fuelled the Growth of the PAM Market (20142016)Figure 65 Battle for Market Share: New Product Launches and Developments Was the Key Strategy AdoptedFigure 66 Geographic Revenue Mix of the Top 5 Players (2015)Figure 67 ABB Ltd.: Company SnapshotFigure 68 ABB Ltd.: SWOT AnalysisFigure 69 Emerson Electric Co.: Company SnapshotFigure 70 Emerson Electric Co.: SWOT AnalysisFigure 71 Honeywell International, Inc.: Company SnapshotFigure 72 Honeywell International, Inc.: SWOT AnalysisFigure 73 Rockwell Automation, Inc.: Company SnapshotFigure 74 Rockwell Automation, Inc.: SWOT AnalysisFigure 75 Siemens AG: Company SnapshotFigure 76 Siemens AG: SWOT AnalysisFigure 77 Yokogawa Electric Corporation: Company SnapshotFigure 78 Yokogawa Electric Corporation: SWOT AnalysisFigure 79 General Electric Co.: Company SnapshotFigure 80 Endress+Hauser Management AG: Company SnapshotFigure 81 Schneider Electric Se: Company SnapshotFigure 82 AB SKF: Company Snapshot

The plant asset management (PAM) market is expected to be valued at USD 7.87 Billion by 2022, at a CAGR of 10.7% between 2016 and 2022. The growth of this market is propelled by increasing adoption of lean manufacturing practices and growing demand for cloud-based plant asset management solutions, real-time data analysis, and failure detection software.

The services segment is expected to lead the global plant asset management market in terms of market share as well as CAGR during the forecast period. Increasing demand for industry-specific services for maintaining the shelf life of the asset as well as to increase the efficiency of the production process is the key factor expected to drive the growth of the services market.

The offline deployment mode is expected to hold a larger market size during the forecast period. Offline deployment allows to make changes according to the specifications and increases data security and safety, which encourages the market players to adopt offline deployment of the plant asset management software. Offline deployment is primarily feasible for large enterprises since cost involved for the deployment of the entire software infrastructure is high. On the other hand, for small and medium enterprises, cloud (online) deployment is the most suitable option as the cost is low.

The production asset segment is expected to dominate the global plant asset management market during the forecast period. It is important to maintain the health of assets, especially production assets which are continuously used. The low performance of these assets hampers the production process. This leads to high adoption of plant asset management solutions to improve the efficiency and performance. However, the market for the automation asset segment is expected to grow at the highest CAGR between 2016 and 2022 owing to the increasing adoption of automation for performing complex manufacturing processes and reducing human errors in process and discrete industries around the world.

The process industry dominated the plant asset management market in 2016. The oil and gas industry is expected to hold the largest size of the plant asset management market during the forecast period owning to growing awareness and stringent regulations regarding the safety and security of the oil and gas plants. The market for the discrete industry is expected to grow at the highest CAGR between 2016 and 2022. The growth is primarily driven by the increasing need for sustained plant productivity, efficiency, as well as flexibility across all the manufacturing processes. The PAM market for the automotive industry is expected to be the fastest-growing market between 2016 and 2022.

APAC is expected to lead the global PAM market between 2016 and 2022. Technological innovations in different industries, growing economic and infrastructure developments in China, Japan, India, and other Southeast Asian countries, and increasing foreign direct investment are the major factors driving the PAM market growth in the APAC region. The PAM market in the Americas is expected to be the second-largest market. This region has always been a major market for all the manufacturers with a high rate of adoption of advanced technologies.

The key restraining factors for the PAM market are high investment cost, need for periodic upgradation of PAM software, and complexity involved in the installation of PAM solutions. The key market players such as Emerson Electric Co. (U.S.), Honeywell International, Inc. (U.S.), and Yokogawa Electric Corporation (Japan) are focusing on new product launches and developments, acquisitions, and collaborations to enhance their product offerings and expand their business.

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